Fireworks Wednesday

A movie for every day of the year – a good one 18 December Islamic Development Bank founded, 1973 On this day in 1973, finance ministers meeting at the Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) set up the Islamic Development Bank. Designed to serve Muslims around the world, it is bankrolled by Saudi Arabia, Libya, Iran, Egypt and other leading Islamic countries and in May 2013 it tripled its authorised capital to $150 billion. It operates by lending money for “productive projects and enterprises” – development projects including bridges, canals, roads and other infrastructure. Though it is often assumed that the earning of interest against the lending … Read more